Federated Hermes Inc. Acquires 208,705 Shares of Atkore Inc. (NYSE:ATKR)

Key Points

• Federated Hermes Inc. dramatically increased its stake in Atkore Inc. by approximately 29,230.4%, acquiring a total of 209,419 shares valued at around $12.56 million.
• Atkore recently reported $2.04 EPS for the quarter, exceeding analysts' estimates by $0.52, although its revenue declined by 11.5% compared to the same quarter last year.
• The company has declared a quarterly dividend of $0.33, equating to an annualized dividend of $1.32 and a yield of 1.7%, to be paid on August 29th.

Federated Hermes Inc. increased its position in shares of Atkore Inc. (NYSE:ATKR - Free Report) by 29,230.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 209,419 shares of the company's stock after acquiring an additional 208,705 shares during the period. Federated Hermes Inc. owned about 0.60% of Atkore worth $12,563,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Van Den Berg Management I Inc. raised its stake in Atkore by 0.4% during the 4th quarter. Van Den Berg Management I Inc. now owns 41,041 shares of the company's stock worth $3,425,000 after buying an additional 158 shares during the period. MetLife Investment Management LLC raised its stake in shares of Atkore by 0.8% in the fourth quarter. MetLife Investment Management LLC now owns 21,357 shares of the company's stock worth $1,782,000 after purchasing an additional 171 shares during the last quarter. SummerHaven Investment Management LLC raised its stake in shares of Atkore by 3.0% in the first quarter. SummerHaven Investment Management LLC now owns 6,039 shares of the company's stock worth $362,000 after purchasing an additional 177 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Atkore by 97.0% in the first quarter. Harbor Capital Advisors Inc. now owns 526 shares of the company's stock worth $32,000 after purchasing an additional 259 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its stake in shares of Atkore by 3.9% in the fourth quarter. EP Wealth Advisors LLC now owns 7,364 shares of the company's stock worth $615,000 after purchasing an additional 276 shares during the last quarter.

Atkore Stock Down 23.6%

NYSE:ATKR traded down $18.05 during midday trading on Tuesday, hitting $58.50. 1,705,118 shares of the company were exchanged, compared to its average volume of 583,334. The company has a current ratio of 3.02, a quick ratio of 1.98 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $1.97 billion, a PE ratio of 11.25 and a beta of 2.10. Atkore Inc. has a fifty-two week low of $49.92 and a fifty-two week high of $108.69. The company has a fifty day simple moving average of $71.50 and a 200 day simple moving average of $68.13.

Atkore (NYSE:ATKR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.52. The company had revenue of $701.73 million for the quarter, compared to the consensus estimate of $690.83 million. Atkore had a net margin of 6.48% and a return on equity of 20.81%. The company's revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.08 earnings per share. As a group, equities analysts anticipate that Atkore Inc. will post 5.79 earnings per share for the current fiscal year.

Atkore Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Tuesday, August 19th. Atkore's dividend payout ratio is 25.38%.

Analyst Ratings Changes

A number of research firms have weighed in on ATKR. Royal Bank Of Canada raised their price target on Atkore from $65.00 to $70.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 7th. KeyCorp upped their price objective on Atkore from $70.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Citigroup reissued a "neutral" rating and set a $80.00 price target (up from $70.00) on shares of Atkore in a report on Monday, June 9th. Roth Capital set a $78.00 price target on Atkore and gave the company a "buy" rating in a report on Wednesday, May 7th. Finally, Wall Street Zen upgraded Atkore from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $79.57.

Insider Buying and Selling

In other Atkore news, insider Mark F. Lamps sold 1,000 shares of the stock in a transaction on Friday, May 9th. The shares were sold at an average price of $69.16, for a total transaction of $69,160.00. Following the sale, the insider directly owned 32,828 shares of the company's stock, valued at approximately $2,270,384.48. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.99% of the stock is owned by company insiders.

About Atkore

Atkore Inc engages in the manufacture and sale of electrical, mechanical, safety, and infrastructure products and solutions in the United States and internationally. The company offers conduits, cables, and installation accessories. It also designs and manufactures protection and reliability solutions for critical infrastructure, such as metal framing, mechanical pipe, perimeter security, and cable management.